Have you heard the latest chatter? The Toronto spring real estate market is already gaining buzz and we’re still in the depths of winter! This year is shaping up to be one of the best spring markets yet!

The recent Covid-19 closures don’t seem to be slowing anything down. In fact SAGE Real Estate conducted a poll to find out the general feeling of buyers and sellers in the market right now. 98% of SAGE agents surveyed said, their clients are moving forward with their plans to buy or sell.

Timing the real estate market perfectly is almost impossible, however with life hopefully moving on from Covid-19, lack of housing inventory, the anticipated interest rate hikes and expert market predictions, the next few months are expected to be the peak of the market. Nearing the end of the spring and summer months, we could see buyers fatigue start to set in,  which could see prices go flat. Even if only temporarily.

The peak of the market has many perks!

Selling or buying a home during a peak has advantages to both home sellers and home buyers. For sellers, the obvious advantage is selling for a higher price, when the buyer pool is also at its fullest. As the year goes on, many buyers who have been competing for homes. will likely start experiencing buyer fatigue and inherently pause their searches.

For buyers who don’t want to compromise on the type of home they wish to buy and love to house hunt when there is high inventory, the next few months are the best times to shop around. Typically in Toronto, the spring real estate market (which starts as early as end of January) will offer the most of amount of new listings at any given point during the year.  From these months, historically, February to end of May will offer the most amount of new listings.

Past sales tell the story….

Last year from January 1 to June 30, there were 408 freehold home sales in W02, the regional MLS area which includes The Junction Triangle, The Junction, High Park North, Bloor West Village and Baby Point. In July and August there were 85 and September 1 to December 31, there were a total of 223 home sales. This includes all freehold homes, single family and multiplex, in all price points. The Toronto spring real estate season is longer and always brings the most amount of new listings.

Advice for home sellers in 2022:

• It’s imperative to get organized early and allow lots of extra time for any pre-sale improvements and updates. Trades are taking much longer than usual to secure and there are delays with materials.
• Take advantage of the market conditions. Consider selling in February, March and beginning of April, when the market is expected to be at its peak. If you are upsizing to a new home, this comes with the added bonus of knowing exactly how much money you have to spend on your new home. As the seller, you are finally in the driver’s seat and can request a long closing on your home (approx. 90-120 days). This will give you 3-4 months of solid house hunting time when inventory is at its peak.

★ For more seller’s resources read:

• Are You Truly Maximizing Your Home Sale?
• Selling Your Home In The Age Of Online Marketing
• Top 5 Staging Tips To Help Sell A Home For More Money
• Key Steps To Selling A Home In Toronto

Advice for home buyers in 2022:

• Get your ducks in a perfect row: this means all your financing is organized, your interest rate is secured (because rates are expected to rise) and you are fully pre-qualified. You have a deposit readily available within a few hours and you understand exactly what it means to be in a multiple offer with 5-10 other buyers.
• Get on collab! A listing notification system, set up by your realtor to receive instant listing updates. When a listing comes to market at 3pm, you will be notified at 3pm. In a highly competitive market (which is heading our way any day), using an old school home search, which notifies you of a new listing the next day, might mean a missed opportunity. When a listing that meets your criteria comes to market, you need to see it ASAP and before a more aggressive buyer snaps it up!

★ For more buyer content be sure to check out:

• How To Win A Bidding War In Toronto
• Why You Should Take Advantage Of Your Buyer Visits
• First Time Home Buyer’s Guide
• Climbing The Toronto Property Ladder 101

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